{"F": {"ts_code": "002350.SZ", "name": "北京科锐", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "配电设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20100203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.58, "pe_ttm": 473.312, "pb": 4.4076, "dv_ttm": 0.2177, "total_mv": 790719.1098, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.9, 21.0, 18.6, 14.0, 20.0, 21.0], "rev_series": [21.8, 23.3, 21.8, 19.5, 20.4, 21.5], "np_series": [0.5, 1.1, 0.2, -1.7, 0.4, 0.5], "roe_series": [3.0, 5.7, 0.8, -9.4, 2.3, 3.1], "period": "20260630", "rev_ttm": 23.4, "np_ttm": 0.2, "ocf_ttm": 3.2, "fcf_ttm": 2.9, "fcf_yield": 3.6, "ocf_yield": 4.0, "gm_median": 20.0, "gm_std": 2.6, "gm_stab": 0.87, "gm_chg_2022": -3.3, "npm_median": 1.9, "roe_median": 2.3, "commodity": false, "hard_ratio": 20.6, "fix_assets": 6.2, "goodwill_ratio": 0.1, "pb_calc": 4.41, "capex_dep": 0.74, "interest_debt": 0.7, "debt_ebitda": 0.7, "debt_ratio": 39.1, "debt_mv": 0.9, "payout": 35.3, "div_years": 3, "rev_cagr3": -0.4, "np_cagr3": 51.6, "rev_yoy": 20.5, "np_yoy": -222.6, "np_vol": 490.0, "loss_years": 1, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["电气类产品", 47.0], ["工程服务类", 2.0], ["工程服务", 2.0]], "ret_prev_year": 7.6, "ret_prev2_year": 12.7, "ret_ytd": 79.8, "ret_pivot": 203.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.6, "ret_60": 1.0, "ret_120": 5.7, "ret_250": 102.0, "mdd_250": -24.4, "vol_250": 54.9, "pos_52w": 82.7}, "S": {"duration": 100, "pricing": 45, "hard": 33, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 473.3 倍、股息率 0.2%、毛利率近 5 年中位 20.0%、固定资产占比 21%、有息负债/EBITDA 0.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 21%,毛利率近 5 年中位 20.0%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.6%(经营现金流/市值 4.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.0%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -3.3 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 21%,资本开支/折旧 0.74 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 473.3 倍 粗算,约 99%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 102%,最大回撤 -24%,年化波动 55%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -12% / 1% / 6%。", "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "北京科锐:PE 比行业中位高 429.8倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 3.5个百分点;固定资产占比 比行业中位高 5.7个百分点。"]}}